Bankers call for Swiss to be European base for Chinese currency

BERN, SWITZERLAND ? The Swiss Bankers Association wants to see the country become the new European offshore hub for the Chinese renminbi, as China moves to match the role of its currency to the country?s growing economic importance worldwide.

The SBA issued the following statement Friday:

?China?s rise to economic power is also resulting in a growing importance of the Chinese currency, the renminbi. Some time ago, the Swiss Bankers Association set itself the goal of positioning the Swiss financial centre as a hub for the China and (offshore) renminbi business. This is why we have published the brochure entitled: ?The Swiss Financial Centre ? Ready for the Renminbi?. We are pleased that the Swiss Federal Council also identified the renminbi as an important growth segment for Switzerland in its December 2012 report on the strategy for the financial centre.

?We are certain that the Swiss financial centre, with its high volume of assets under management, its central role in international commodities trading and the importance of Switzerland as a gateway to Europe for Chinese companies and investments in China, offers favourable conditions for this emerging segment.?

Source: http://genevalunch.com/2013/07/05/bankers-call-for-swiss-to-be-european-base-for-chinese-currency/

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